CBN Provides BDCs with $10,000 at N1,251/$1 Exchange Rate

The Central Bank of Nigeria (CBN) has provided Bureau De Change (BDCs) operators with $10,000 each at an exchange rate of N1,251 per United States dollar.

This information was disclosed in a circular signed by Hassan Mahmud, the Director of the CBN’s Trade and Exchange Department.

The circular instructed BDCs to offer dollars to qualified customers at a rate not exceeding 1.5% above the buying price.

This means that BDCs are advised not to sell above N1,269 for each US dollar.

The circular stated: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN approved a second tranche of sale of FX to eligible BDCs.

We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5% above the purchase price.”